1593
ORDINANCE NO. 1593
AN ORDINANCE CALLING A SPECIAL ELEC~'ION ON THE
QUESTION OF ISSUING BONDS FOR THE FINANCING OF
VARIOUS CAPITAL IMPROVEMENTS; AND PRESCRIBING
VARIOUS MATTERS RELATING THERETO.
WHEREAS, the Gity Council of the City of West Memphis,
Arkansas (the "City") has determined that the constzuction and
equipping of certain capital improvements, described in Section 2
hereinbelow are xn the interest of the C~.ty and its .continued
,,,. growth and development and that the financing of such capital
improvements can be financed only by the issuance of bonds, as set
forth in Section 2 hereinbelow; and
WHEREAS, it is necessary to the seourity and payment of the
proposed bonds, if bands for all specified purposes and approved
by, the electors of the city, that there be levied and collected an
ad valorem tax on the taxable property located in the City at the
iota of 5.00 mills;
NOW THEREFORE, He It Ordained by the City Council of the City
of West Mefiphis, Arkansas:
Section i. There shall be submitted to the electors of the
City, a.t a special election to be held July 27, 1993, the questions
of issuing bonds of the City for each of the respective purposes•in
the respective amounts set forth in Section 2.
Section 2. The questions of issuing bonds shall be placed on
the ballot for the special election ~.n substantially the following
forms:
CITY OF WEST MEMPHIS, ARKANSAS CAPITAL IMPROVEMENT HONDS
Vote FOR or AGAINST the issuance of Bonds of the Gity for each
of the purposes set forth below, by placing an "X" in the square as
indicated.
The Sonds that are approved and issued will be combined into
a single issue, which may be issued at one time or in series from
time to secure and pay the Bonds, there will. be levied and
collected a special ad valorem tax on the taxable real and personal
property in the City. The rate of the special tax will be
determined by the purposes for which the Bonds are approved and
will not exceed the sum of the following (expressed as mills on the
do7.lar of assessed valuation of the property subject to tax): X.6
. .
mills for the Police Administration Bonds; 0. S mills for the Museum
and Fine Arts Bonds; 2.2 mills far the Healthplex Bonds; and 0.7
mills for the Plaza Bonds.
POLICE ADMINISTRA2'ION BONDS
vote FOR ax' AGAINST the issuance of Bonds in the maximum
principal amount of $1,600,000 for the puz~pose financing the
acquisition, construction and equipping police administration
facilities (including parking and other related facilities) tQ be
operated in conjunction with proposed Crittenden county jail
facilities. Issuance of the Police Administration Bond$ is subject
to and conditioned upon approval of bonds, by the eleotors of
Crittenden County, to finance such County jail facilities.
FOR the issuance of the Police Administration Bands
AGAINST the issuance of the Police Administration
Bonds . _ . ~ . ^
MUSEUM AND FINE ARTS BONDS
Vote FGR or AGAINST the issuance of Bonds in the maximum
principal amount of $500,000 for the purpose of financing the
acquisition, construction and equipping of Museum and Fine Arts
facilities, specifically the conversion fo the present city police
and municipal court building, including facilities for the
demonstration of cu~.tural heritage, fine arts and history, and
including parking and other related facilities. Issuance of the
Museum and Fine Arts is subject to and conditioned upon approval of
bonds, by the electors of Crittenden County, to finance such County
jail facilities.
FOR the issuance of the Museum and Fine Arts Sonds
AGAINST the issuance of the Museum and Fine Arts Bonds C]
HEALTHPLEX BONDS
Vote FOR or AGAINST the issuance of Bonds in the maximum
pzincipal amount of $2,200,000 for the purpose of financing the
acquisition, construction and equipping of fac~.lities for
participation and spectator sports, including basketball, racquet
sports and exercise and other health maintenance activities with
ancillary facilities and with locker, shower and parking and
related facilities.
FOR the issuance the Healthplex Bonds ^
AGAINST the issuance of the Healthplex Bonds ^
;ZT0~1 SIHd~Q3At ZSd,41 FFF ~H2II3 M~"I 3~QI2I3 $,. 05~TT C6/ZZ/90
PLAZA BANDS
vote FOR or AGAINST the issuance og Bonds in the principal
amount of $780, 000 for the purpose of financing the acquisition and
construction of improvements in the proximity of the City~s
existi~tng civic center to inc~,ude walkways, landscaping, plantings,
assembly areas and like practical and aesthetic improvements.
FOR the issuance of the P~.aza Bonds
AGAINST the issuance of the Plaza Bonds ~
Section 3. The City Clerk is directed to give notice of the
special election by publication in a newspaper of general
circulation within the City not less than ten (10) days prior to
the date of the special election.
Section 4. A copy of this Ordinance shall be provided to the
Crittenden County Board of Election Commissioners. The special
election shall be conducted and the vote canvassed as now provided
for municipal elections.
Section 5. The Mayor shall proclaim the results of the
election by publishing a proclamation thereof in a newspaper of
general circulation within the City, which proclamation shall state
that the results of the special election shall be conclusive unless
challenged in Crittenden County Circuit court within thirty (30)
days after publ~.cation of the proclamation.
Section 6. All ordinances and parts thereof in conflict
herewith are hereby repealed to the extent of such conflict.
Section 7. subject to mutual agreements regarding
compensation, the f3~rm of stephens =nc. shall be engaged to serve
as underwriter for the proposed bonds and the law fix-m of Friday,
Eldredge & Clark shall be engaged to represent the City as bond
counsel.
Section 8. The provisions of this Ordinance are severable.
If any provision hereof shall be declared to be invalid or
unenforceable, such holding shall not affect the remainder hereof.
Approved: ,Tiir~~ a y- ~ ~, 1993 .
ATTEST ;
' ~ Mayo
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